Papaya Global Accountant Cost FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Accountant Cost… functions on the provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve different

Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly regulations compliance data security and banking rules then there are the large numbers they include additional complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating number of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely basic there’s no genuine consistency framework we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in worldwide payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors improperly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included right and what does

it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to sort of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely vital that payroll and finance groups work closer together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more essential to add to kind of the level of intricacy there’s more and more benefits being organ or being used by businesses throughout the world so again you’re simply seeking to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or real tough sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any company has from a cost point of view from an impact viewpoint on workers it is absolutely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive impact on people’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been amazed coming into this Market type of the last five to ten years is how little thanks the

payroll group get um so I’m uncertain anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment service is a terrific primary step um offering an end-to-end payroll option for your staff members worldwide once again I believe is another huge um process again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and reducing the variety of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not believe any of us are really doing that for for the thanks

anyhow we know how how crucial a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s involved in those processes and also so imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of try to return to everyone so moving on look why do companies choose to primary separate checking account there are Papaya Global Accountant Cost companies out there doing precisely this for particular countries and I’ve worked in a service or many services doing precisely that I can say it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe people have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs looking at it needs altering however ultimately individuals are really stuck with what they recognize

with best um change is a hard thing we all do not like modification um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having keeping multiple checking account however there’s a big quantity of intricacy chooses establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is big however I think the honest response is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century approximately there is a lot to keep track of and this approach does posture a number of obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so

I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Accountant Cost